It is no secret that the world of affiliate marketing has changed dramatically and how we all do business is evolving as a direct result of the pandemic.
Traditional brick and mortar stores are adapting to the online world and thriving in this new environment. So too are online marketplace stores such as Shopbop and Amazon.
The emergence of online affiliate marketing has enabled businesses of all sizes and shapes to thrive during this difficult time. If you’re even thinking about exploring this route, then here are some critical things you need to know.
The Growth Of Online Affiliate Marketing
In 2021, online affiliate marketing will be a $16 billion industry. That’s a pretty eye-opening stat, considering the size of the market as a whole is estimated to be $24 billion.
If you want to get into the game, now is the perfect moment. The demand for high-quality content is heightened, with people seeking inspiration and guidance on how to navigate this uncharted territory.
An Evolving Industry
The world of online affiliate marketing is constantly changing. The industry is growing and thriving, and new businesses emerge to take advantage of the demand, providing their customers with helpful and informative content.
There is no one-size-fits-all approach to becoming a successful online marketer. The field is highly competitive and cut-throat, but that’s what makes it interesting and exciting. The more you put in, the more you will get back. In other words, you have to learn to constantly be learning.
Navigating this evolving landscape can be challenging, but don’t let that frighten you. With a little bit of research and some old-fashioned leg work, you will be able to make the right choice for your business and establish yourself as a thought leader in your industry.
A Marketplace Full Of Potential
Shopbop and Amazon are just some of the online marketplace stores that have an abundance of affiliate programs you can choose from. Not only that, but you can find affiliate programs from virtually any other e-commerce store.
You may not want to jump into an online marketplace simply because there is an affiliate program available, as you will be competing with hundreds of other businesses for the attentions of customers.
However, the good thing about these kinds of affiliate networks is you don’t necessarily need to have a physical store to get involved. All you need is a phone and an internet connection to get started.
The Perfect Platform For Building A Brand
Even before the pandemic, the world of online affiliate marketing was a fruitful place for entrepreneurs. Thanks to the rise of platforms like Shopify, which was designed with merchants in mind, the digital nomad life became accessible to many.
The team at Shopify understand the needs of small businesses, which is why they created a suite of affordable products specifically for merchants, like you and me.
The perks of operating a store in this digital world are many, but none of them compare to the ability to build a brand. With a few strategic purchases (think: pricey jackets and blazers), you can create a look that is professional yet polished, which is exactly what you want if you’re looking to establish yourself as an expert in your industry.
A Tested And Proven Method
One of the biggest draws of the world of online affiliate marketing is the opportunity to try out new and innovative methods to grow your business.
When you’re running a store, you’re limited to what works with what you have, which is always an interesting challenge. On the other hand, when you’re running an affiliate marketing business, the possibilities are endless. Thanks to tools like ClickFunnels, which we’ll review in more detail in a bit, you can set up automated email campaigns, create webinars, and do much more to grow your business.
Cut Through The Clutter
The world of online marketing is dominated by big corporations with big marketing budgets and massive followings on social media.
The emergence of platforms like TikTok, which allows aspiring creators to gain popularity, has created an abundance of promotional content, which is arguably good for marketing and business in general.
The issue is, there is so much content out there that it’s easy for consumers to get distracted by the sheer volume of content and information and lose interest. If you’re looking to grow your business specifically through digital marketing efforts, then focusing on less content and more quality is key.
Consumers Have Short Attention Spans
If you’ve ever worked in retail, then you might be familiar with the concept of impulse buying. What happens is people walk in the door, see something they like, and can’t help but tell someone about it.
That’s exactly how consumers behave online too. When they see something they like, they’ll click on an affiliate link or a product recommendation and before you know it, they’ve stumbled upon a new discovery that has completely changed their buying habits.
With so much competition in the digital world, manufacturers want to ensure their products are highly visible to the right audiences. To do this, they often implement affiliate marketing into their strategies, as it is one of the most effective and efficient ways of growing a business.
If you want to get involved in the world of online affiliate marketing, then begin by identifying the needs of your target audience and finding the right solution for them. From there, you can scale your business and dominate your industry. Good luck out there.